By GREGORY ZELLER //
The Town of Hempstead Local Development Corp. is once again backing a regional school’s expansion efforts with a nod for tax-exempt bonds.
The LDC, which in 2018 approved the sale of $15 million in tax-exempt bonds for Molloy College’s dorm-construction project in Rockville Centre, has done the same for up to $28 million in tax-exempt bonds on behalf of Adelphi University.
The Garden City university will put $6 million toward the $34 million expansion of its University Center, and use the rest to refinance bonds issued through the LDC in 2009 to build dorms and complete other campus renovations, according to the LDC.
The University Center expansion will add more than 24,000 square feet to the existing 74,272-square-foot structure. When completed, the new center will feature a student dining hall, a new school store, an enhanced art gallery and improved meeting spaces for student organizations.
The bonds, to be underwritten by TD Securities, are to be repaid by Adelphi and are secured by a first-mortgage lien on the land and building. There is “no out-of-pocket expense for Hempstead taxpayers,” according to the Hempstead LDC.
Development Corp. Executive Director and CEO Fred Parola said the bond sale, approved April 17 by the LDC, was an easy call for the corporation, which is designed to incentivize not-for-profit businesses and agencies – including schools, hospitals and religious organizations – that relocate, expand and build in the Town of Hempstead.
“There is no doubt that the sale of these new bonds, once final, will have a great impact on Adelphi University, its students [and] the economics of the surrounding communities,” Parola said Monday.
The announcement continues a substantial modernization and infrastructure-improvement effort for Adelphi University, which has already included the creation of the coming-soon Adelphi Innovation Center and a new name – and updated mission – for the College of Education and Health Sciences.
Editor’s note: Updated April 24 to correct funding amount.